By CHRISTINE HAUSER and DAVID JOLLY
Published: August 7, 2011
Wall Street stocks plummeted on Monday as skittish investors, already concerned about the economy, struggled to work out the implications of an unprecedented downgrade of the United States government’s credit rating and sought safer places to put their money.
FiveThirtyEight: Why S.&P.’s Ratings Are Substandard and Porous (August 8, 2011)
Global Finance Leaders Pledge Bold Action to Calm Markets (August 8, 2011)
Doug Mills/The New York Times
President Obama defended the country’s credit worthiness on Monday.
The declines, coming in the first opportunity for investors to sell since Standard & Poor’s cut its rating on the nation’s long-term debt late Friday, followed losses in global markets and set United States equities on track to extend losses that were beginning to recall the days of the 2008 financial crisis. They also reflected anxiety over the United States economy and Europe’s debt woes.